Stephen Donnelly (Wicklow, Independent)
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Normally in a regulated market the regulator would sit down with a company and work out a reasonable return on the invested capital based on the characteristics of the market and would then work out the regulated price of the service. This is exactly the same. I would expect to see an official from the Central Bank sitting down with a company and saying as it is lending €50 million, the cost to the company is 5%; that the Central Bank deems a reasonable return on invested capital in this market, based on risk, to be 20% and therefore the price of the product; and that the maximum interest rate it will be allowed to charge is Y. Is that how it is worked out?